REUTERS
This measure is designed to bring the process of opening and identification of bank accounts in line with European standards.
The corporate sector welcomes the introduction of international bank account numbers (IBAN) in Ukraine from August 5.
The European Business Association says this measure is designed to bring the process of opening and identification of bank accounts in line with European standards.
Read alsoUkrainian banks to begin opening IBAN accounts from August 5
In addition, one of the advantages of the new standard will be the use of fewer details of a bank account, which will prevent errors in invoicing and handling bank transfers.
As UNIAN reported earlier, Ukrainian banks will start opening new accounts to their customers, using international bank account numbers from August 5.
From November 1, the use of IBANs will be mandatory for customers of all banks in Ukraine to carry out money transfers.
An IBAN consists of 29 alphanumeric characters, including Ukraine's country code, two check digits, a bank code and an account number.
Banks in the United States, Canada, Australia, New Zealand do not use IBAN as account numbers for U.S. accounts.